Balance transfer on my credit card. Link it to a goal or a transaction amount?
I know this may not be common, but here's what I've done (with round numbers for simplicity:
- Used a convenience check from my credit card to deposit cash into my checking account (let's say $12,000). I've marked the 0% balance transfer on my credit card and the deposit to my checking account as "Transfers."
- I'll withdraw the $12,000, pay cash for a vehicle.
- Throughout the next year, I'll pay off equal installments of $1,000/month for 12 months to my credit card.
As I see it, I have two ways to track this:
- Mark the withdrawal of $12,000 as a "Transfer," and categorize the $1,000 monthly payments as "Auto Payment." Benefit: my budget will show a stable $1,000 monthly payment, my expenses will not look crazy this month.
- Mark the withdrawal of $12,000 as some kind of Auto Expense, then track the payment of the balance transfer via a "credit card debt goal." Benefit: won't mess with my transactions/expenses if I choose to pay it off extra or early.
Unfortunately, there's no way to link the transaction itself to the goal, and I can't track this as a "Loan Repayment" goal, because Mint won't allow me to without an actual loan account. In essence, I'm using my credit card as an auto loan, because the rate was much better doing it this way (as long as I pay it off within the year, which I will). Unfortunately, Mint doesn't recognize it as such, and there's no other workaround from what I've seen.
Does anyone have a better idea?